For most entrepreneurs, tax preparation is one of their least favorite activities. It requires a high level of detail, up-to-date knowledge about U.S. tax law, as well as some pretty serious math skills. Many business owners assume they have to handle it all themselves, and many of them make the same mistakes, such as:
- Maybe you’re thinking you’ll just do all your tax prep yourself. Do you really have the tax knowledge necessary to keep yourself from getting audited or fined? Sure, you could do that, and you could also represent yourself in court. Remember, just because you can do something doesn’t mean you should actually do it.
- Some owners save all their receipts, figuring it means they don’t need a tax diary. The problem is, a tax diary has all the questions asked by the IRS, such as expenses for entertainment and travel. These keep you from procrastinating and protects your records.
- Sometimes, if an owner finds themselves short on cast, they consider dipping into employee withholding to cover the difference. After all, it’s their money, right? Nope, because this trust fund is used for Social Security and employee withholding, and if they borrow from it, they’ll be personally liable and could be hit by giant penalties.
You have a choice to make, but the best decision is to work with Gunn Payroll Plus for payroll services, tax planning, and more. Instead of handling tax preparation yourself and running numerous risks, partner with the experts at Gunn Payroll Plus. With nearly two decades of accounting experience, we are proud of getting to serve local companies in and around Tulsa, as well as businesses across the United States. We’ll take care of your tax preparation quickly and accurately, freeing up the valuable time and money your business needs to thrive.
Trust the professionals when it comes to tax planning—call Gunn Payroll Plus today.